Sydney's auction success rate actually down into the 50s with bumper stock

Sydney's auction success rate actually down into the 50s with bumper stock
Sydney's auction success rate actually down into the 50s with bumper stock

Sydney’s auction market continues to weaken in spring 2015.

Yesterday's initial Sydney-wide headline clearance rate eased to 63 percent, down on the 64 percent preliminary tally from last Saturday, October 24.

But that preliminary Saturday night result has since been revised to 56 percent after tardy result notifications to Australian Property Monitors.

The revised rate is always lower but with the higher stock listings the further into spring, it appears estate agents are even slower at handing over their passed in results. 

The October 24 weekend saw Sydney-wide clearance rate ease to 64 percent, down on the 65 percent preliminary tally from last Saturday, which was then revised to 60 percent after late result notifications.

Yesterday's 1000 plus offerings on Saturday October 31 was be the busiest ever conducted on a spring day in Sydney - just below the pre-Easter weekend record in this year.

Sydney’s inner west suburban region hosted the most number of auctions with 168, followed by the upper north shore 162, the south 137, the city and east 130, the northern beaches 91, the lower north 90, Canterbury Bankstown 72, the west 71, the south-west 69, the north-west 52, the central coast 31 and the Blue Mountains with just one auction scheduled.

Significantly the inner west clearance rate remains with 80% plus success numbers, along with the east, so the rout is not Sydney wide. 

The most popular suburbs for auctions in Sydney were Mosman, Ryde and Killara each with 13 followed by Epping and Manly, each with 12, and St Ives and Paddington with 11 auctions listed at the weekend.

Dr Andrew Wilson from APM forecasted last week the headline Saturday night Sydney number was set to see clearance rates below 60 per cent this spring, "a remarkable outcome considering the rate tracked at near 90 per cent over May – just five months ago."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Auctions Sydney

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